BOJ releases 2019 schedule of monetary policy announcements

Wednesday, December 19, 2018

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The Bank of Jamaica (BOJ) yesterday published the schedule of announcements of monetary policy decisions for 2019, and reconfirmed the scheduled announcement dates for the remainder of this year, which were previously published on 13 February 2018.

The scheduled dates for monetary policy announcements for the remainder of 2018 and 2019 are as follows:

• Thursday, 20 December 2018

• Wednesday, 20 February 2019

• Wednesday, 27 March 2019

• Friday, 17 May 2019

• Thursday, 27 June 2019

• Tuesday, 27 August 2019

• Monday, 30 September 2019

• Tuesday, 19 November 2019

• Friday, 20 December 2019

The bank said that announcements will at minimum be in the form of a press release, which will indicate the decision on the policy interest rate (the interest rate paid by Bank of Jamaica on overnight deposits by deposit taking institutions) and the rationale for the decision.

The bank will also continue to host quarterly press conferences to discuss the rationale for its decisions and the economic outlook for Jamaica.

The BOJ noted that the public commitment to a schedule for announcing monetary policy decisions is intended to improve the transparency of Bank of Jamaica's monetary policy framework.

It said the objective of BOJ monetary policy is to ensure that the inflation target set by the Government is met.

Changes in the bank's policy interest rate influence the spending and saving decisions of businesses and households, thereby influencing financial markets, the level of economic activity and consequently inflation.

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